Infinity Natural Resources, Inc. · NYSE:INR
Infinity Natural Resources — Q2 2026 Earnings Presentation
21 slides from Infinity Natural Resources's earnings presentation, Aug 11, 2026
Slide 1: Second Quarter 2026 Earnings Call Presentation
Second Quarter 2026 Earnings Call Presentation Au g u s t 2 0 2 6
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements. This presentation contains “forward-looking statements” that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical fact
Slide 3: Infinity Natural Resources Overview
Infinity Natural Resources Overview High growth, low cost, vertically integrated E&P focused on the development of balanced inventory INR AOI Infinity Natural Resources (NYSE: INR) INR Acreage County INR Midstream Market Capitalization(1) $823 million PA Deep Dry Gas Enterprise Value(1) $1.7 billion
Slide 4: Why Own Infinity Natural Resources
Why Own Infinity Natural Resources “A differentiated Appalachian E&P combining rare production growth with an integrated, high-margin operating platform.” Balanced High-Quality Portfolio Operational Flexibility ▪ $3.4 Billion Economic Projects >2.0x DROI(1) ▪ Flexibility to allocate capital across o
Slide 5: Best in Basin Growth, Margin and Capital Efficiency
Best in Basin Growth, Margin and Capital Efficiency Net Production Growth (MMcfe/d)(1) Adj. EBITDAX Margin(2) ($/Mcfe) Capital Efficiency(3) (x) 125% $5.00 5.0x INR INR 114% Peer Average Peer Average 4.2x 100% $4.00 4.0x $3.70 $3.62 3.5x $3.38 78% 70%+ $3.05 3.0x 3.0x 75% $3.00 3.0x % Growth 50% 46%
Slide 6: Continued Execution: Second Quarter 2026 Results
Continued Execution: Second Quarter 2026 Results Key Highlights ▪ Increased net production and Adjusted EBITDAX by 75% and 131% year 2Q26 2Q25 over year, respectively Total Production 348 199 ▪ Turned in Line 10 wells in Ohio during the second quarter Volumes MMcfe/d MMcfe/d ▪ 7 volatile oil Utica w
Slide 7: Increasing Production While Driving Costs Lower
Increasing Production While Driving Costs Lower Oil Production (Mbbls/d) NGL Production (Mbbls/d) Nat. Gas Production (MMcfe/d) 217 217 12.4 12.4 194 9.6 9.5 9.5 7.8 125 6.1 6.1 2Q25 2Q26 1Q26 2Q26 2Q25 2Q26 1Q26 2Q26 2Q25 2Q26 1Q26 2Q26 Total Production (MMcfe/d) Operating Expenses ($/Mcfe)(1)(2) A
Slide 8: Balanced High Return Development Across All Hydrocarbons
Balanced High Return Development Across All Hydrocarbons 2Q26 Net Production (MMcfe/d) Location Count by State(1) Net Horizon Acres by State (000’s) OH OH OH PA PA PA 93 69 348 180 400+ ~177,000 MMcfe/d Locations Net Acres 236 108 255 2Q26 Production Mix (%) Location Count by Operating Area(1) Net H
Slide 9: Expansive High DROI(x) Inventory Across Operating Areas
Expansive High DROI(x) Inventory Across Operating Areas Economic Capital Projects by DROI(1) Total Inventory Lateral Footage by Area INR Total $4.8Bn PA Utica Volatile Oil $3.4 Billion Economic PA Marcellus Projects >2.0x DROI OH Gas Weighted INR’s highly economic inventory base spans across 1.3x-1.
Slide 10: Expansive Company Owned Midstream System
Expansive Company Owned Midstream System Key Highlights Southeastern Ohio Midstream System ▪ ~1 Bcf/d of throughput capacity capable of supporting INR Black Oil growth thru end of decade ▪ 70% of INR gross operated natural gas volumes flowing through owned system Dry Gas ▪ Increased system utilizati
Slide 11: Developing Assets Across Our Portfolio
Developing Assets Across Our Portfolio Volatile Oil Utica (OH) Rich Gas Utica (OH) Dry Gas Marcellus (PA) Deep Dry Gas Utica (PA) Total Company 2Q26 YTD 3Q26 2026E 2Q26 YTD 3Q26 2026E 2Q26 YTD 3Q26 2026E 2Q26 YTD 3Q26 2026E 2Q26 YTD 3Q26 2026E Wells Spud Gross Wells 4.0 7.0 4.0 18.0 2.0 2.0 6.0 14.0
Slide 12: Financial Strength Provides Strategic Flexibility
Financial Strength Provides Strategic Flexibility Key Points Significant Liquidity with no Near-Term Maturities ▪ Net leverage of 1.1x(1) $1,000 Senior Unsecured Outstanding Liquidity under credit facility ▪ Target long term net leverage of less than 1.0x (1) $875 $800 ▪ No near-term debt maturities
Slide 13: Appendix
R KX x Appendix
Slide 14: 2026 Outlook and Guidance
2026 Outlook and Guidance Net Production Total Net Production (Mmcfe/d) 345 – 375 Total Natural Gas Net Production (Mmcf/d) 235 – 255 Total Liquids Net Production (Mbbls/d) 18 – 20 Incurred Development Capital Expenditures (1) $450 – $500 Operated Rigs ~ 2 Rigs TILs (Gross) ~30 Wells 1. Incurred Dev
Slide 15: INR Hedge Position and Philosophy
INR Hedge Position and Philosophy INR seeks to mitigate commodity fluctuations by actively hedging its anticipated PDP and near-term development production to support cash management and leverage. Hedging Overview Oil Hedges $66.54 $65.63 $65.49 $65.85 ▪ INR actively hedges within its bank group to
Slide 16: Hedge Book Overview – As of 6-Aug-26
Hedge Book Overview – As of 6-Aug-26 FY 2026 FY 2027 FY 2028 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 WTI Fixed Swaps Total Volume (MBbl) 634 613 679 801 2,726 458 454 411 387 1,710 249 227 211 197 884 Daily Volume (Bbl/d) 7,039 6,734 7,383 8,701 7,468 5,089 4,992 4,465 4,204 4,684 2,736 2
Slide 17: Hedge Book Overview – As of 6-Aug-26
Hedge Book Overview – As of 6-Aug-26 FY 2029 FY 2030 FY 2031 Q1 Q2 Q3 Q4 2029 Q1 Q2 Q3 Q4 2030 Q1 Q2 Q3 Q4 2031 WTI Fixed Swaps Total Volume (MBbl) - - - - - - - - - - - - - - - Daily Volume (Bbl/d) - - - - - - - - - - - - - - - WAVG Swap Price ($ / Bbl) - - - - - - - - - - - - - - - WTI Fixed Colla
Slide 18: Hedge Book Overview – As of 6-Aug-26
Hedge Book Overview – As of 6-Aug-26 FY 2026 FY 2027 FY 2028 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 Ethane Fixed Swaps Total Volume (MGal) 2,441 2,440 2,294 2,137 9,312 1,902 1,854 1,750 1,610 7,116 - - - - - Daily Volume (Gal/d) 27,122 26,813 24,935 23,228 25,512 21,133 20,374 19,022 17
Slide 19: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Adjusted EBITDAX Adjusted EBITDAX Reconciliation Adjusted EBITDAX is defined as net income plus interest expense, other expense, Three Months Ended Twelve Months Ended, income tax expense and benefit, depreciation, depletion, and amortization, 06/30/25 03/31/
Slide 20: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Proved Reserves Pre-Tax PV-10 Proved Reserves Pre-Tax PV-10 ($mm) Proved Reserves SEC PV-10 represents the estimated present value of the future Fiscal Year Ending December 31, cash flows less future development and production costs from our proved and ($ in
Slide 21: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Capital Efficiency Capital Efficiency (x) Capital Efficiency Ratio means Adjusted EBITDAX per unit of production divided by Fiscal Year Ending December 31, finding and development costs (“F&D”) per mcfe. F&D is calculated by dividing total ($ in thousands) 20
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